Published: 2025-02-27T16:52:47.000Z
Chart USD/CAD Update: Strong resistance at 1.4470/00
Senior Technical Strategist
1
Cautious trade has given way to a sharp USD- and CAD-driven bounce
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4690 | ** | January 2016 (y) high | S1 | 1.4400 | * | break level | |
| R3 | 1.4600 | * | figure | S2 | 1.4300 | * | break level | |
| R2 | 1.4500 | ** | congestion | S3 | 1.4175 | ** | break level | |
| R1 | 1.4470 | * | congestion tops | S4 | 1.4100/10 | ** | congestion; 50% ret |
Asterisk denotes strength of level
16:30 GMT - Cautious trade has given way to a sharp USD- and CAD-driven bounce, with prices currently balanced above 1.4400. Intraday studies have ticked higher and the daily Tension Indicator continues to strengthen, highlighting potential for further strength. However, flattening overbought daily stochastics and mixed weekly charts are expected to limit scope in profit-taking towards resistance at 1.4470 - 1.4500. Meanwhile, a close back below 1.4400 would turn sentiment neutral, and give way to consolidation above 1.4300.